Any Kind Checks Cashed, Inc. S Case V. Talcott

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Any Kind Checks Cashed, Inc. was a holder in due course in its case v. Talcott. In this case and elderly gentleman John C. Talcott, who was defrauded the sum total of $15,700 in the form of two checks, $10,000 and $5,700 respectively. Both checks were issued to D. J. Rivera and were later cashed at Any Kind Checks, Inc. by Salvatore Guarino. Talcott stopped payment on both checks after the initial check was an over payment and the second was discovered be conceived by fraud. Both checks were returned to Any Kind Checks Cashed, Inc. Any Kind Checks, Inc. brought suit against Talcott and Salvatore Guarino (Twomey & Jennings, 594-597). Any Kind Checks, Inc. claims that it was a holder in due course with both checks and because they knew …show more content…
Some may believe that it is not fair to subject Any Kind Check, Inc. to a more stringent form of due diligence and good faith and that it will affect the business negativly. In 1992, the Florida legislature adopted a new definition of good faith. It states that honesty in fact must coincide with the reasonableness of commercial standards of fair dealing (Maine Family Fed. Credit Union v. Sun Life Assurance Co. of Canada, 727 A.2d 335, 342 (Me.1999). In other words, Any Kind Checks, should adopt or create their own standards of due diligence and apply those standards with all applicable transactions. I do not believe that this extra step by the business will be a hindrance to commerce and that in fact it better protects both the business and consumers from fraud. This is a complex case in which a vulnerable person was taken advantage of by con men who effectively stole a large sum of money from him. The involvement of the check cashing facility can only be seen as a contributor to fraud but not a direct participant. In order to affectively follow the law, the check cashing company could have avoided any involvement by verifying the first check and refusing to cash it. With regard to the second check, all good faith and due diligence was applied and Any Kind Check, Inc. was a holder in due course.

References
§ 673.3021(1), Fla. Stat. (2001) § 673.3051(1) & (2), Fla. Stat. (2001).
Maine Family Fed. Credit Union v. Sun Life Assurance Co.
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